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Sector Update: Financial

By: MT Newswires
Posted: 9/13/2013 8:43:00 AM
Referenced Stocks: BLK;GGP

Financial shares are fairly flat in today's pre-market session as investors are faced with rumors that the Obama Administration is appointing Larry Summers as the next Fed Chief. Investors are also absorbing new data on retail sales, which rose 0.2% in August, but less than the Street expected.

In stocks news, BlackRock ( BLK ) and Pimco have purchased more than 25% of the $49 billion Verizon bond sale. BlackRock snapped up $5 billion of the bonds, Bloomberg reports. BLK is flat in pre-market at $262.26.

And, General Growth Properties Inc. ( GGP ) has acquired 28,345,108 of its common shares during Q3 2013 through September 12, 2013. The average share price was $20 for total consideration of $567 million.

The repurchases reduced the company's total diluted common shares outstanding to approximately 964 million shares.

The repurchases were approved by the company's Board of Directors and made pursuant to a Stock Purchase Agreement filed today with the Securities and Exchange Commission and its share repurchase program approved in 2011.

GGP closed down 1% to $19.36 on Thursday, near 52-week low $18.24.